The recent upticks in sales for condos and homes is a result of a number of factors, and few will disagree that one of these factors is the increasing presence of international buyers seeking to take advantage of the huge discounts for Miami Beach condos and Miami condos in general. In the latter case, one buyer got a 25 percent discount on a new unit at the Epic condo in the downtown area, and managed to convince several friends to do the same.
In case you haven’t been following the recent news, condos in Miami-Dade alone skyrocketed nearly fifty percent in the first quarter alone and as the median prices continue to go lower, the demand for Miami Beach condos from deep pocketed buyer increases with interest coming from countries like China, Spain and Greece. According to recent numbers, there is now less than 40,000 condos for sale in South Florida.
Another major contributor to improved sales of Miami Beach real estate and Miami condos has been the federal tax credits but those perks are now over. We’ll have to take the wait and see approach to find out whether international buyer interest will keep fueling South Florida condo sales.